Selling Your House? Make Sure You Price It Right.

Dated: July 8 2021

Views: 30

Selling Your House? Make Sure You Price It Right.

Selling Your House? Make Sure You Price It Right. | MyKCM

There’s no denying we’re in a sellers’ market. With low inventory and high buyer demand, homes today are selling above the asking price at a record rate. According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR):

  • Homes typically sell within 17 days (compared to 26 days one year ago).
  • The average home sold has five offers to pick from.
  • 54% of offers are over the asking price.

Because so many buyers are competing for so few homes, bidding wars are driving up home prices. According to an average of leading expert projections, existing home prices are expected to increase by 8.9% this year.

Yet even in today’s red-hot sellers’ market, it’s important to price your house right. While it may be tempting to price your house on the high side to capitalize on this trend, doing so could limit your house’s potential.

Why Pricing Your House Right Matters

Here’s the thing – a high price tag doesn’t mean you’re going to cash in big on the sale. While you may be trying to maximize your return, the tradeoff may be steep. A high list price is more likely to deter buyers, sit on the market longer, or require a price drop that can raise questions among prospective buyers.

Instead, focus on setting a price that’s fair. Real estate professionals know the value of your home. By pricing your house based on its current condition and similar homes that have recently sold in your area, your agent can help you set a price that’s realistic and obtainable – and that’s good news for you and for buyers.Selling Your House? Make Sure You Price It Right. | MyKCMWhen you price your house right, you increase your home’s visibility, which drives more buyers to your front door. The more buyers that tour your home, the more likely you’ll have a multi-offer scenario to create a bidding war. When multiple buyers compete for your house, that sets you up for a bigger win.

Bottom Line

When it comes to pricing your house, working with a local real estate professional is essential. Let’s connect so we can optimize your exposure, your timeline, and the return on your investment, too.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Jeffrey Daniels does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Jeffrey Daniels will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Latest Blog Posts

How Smart Buyers Are Approaching Rising Mortgage Rates

How Smart Buyers Are Approaching Rising Mortgage RatesLast week, the average 30-year fixed mortgage rate from Freddie Mac inched up to 3.1%, and experts project rates will

Read More

Don’t Believe Everything You Read: The Truth Many Headlines Overlook

Don’t Believe Everything You Read: The Truth Many Headlines OverlookThere are a lot of questions right now regarding the real estate market as we head into 2022. The forbearance program is

Read More

4 Ways Homeowners Can Use Their Equity

4 Ways Homeowners Can Use Their EquityYour equity is a powerful tool that can help you achieve your goals as a homeowner. And chances are, your equity grew substantially over the past.

Read More

Homebuyer Tips for Finding the One [INFOGRAPHIC]

Homebuyer Tips for Finding the One [INFOGRAPHIC]Some HighlightsThe best advice carries across multiple areas of life. When it comes to homebuying, a few simple tips can help you stay on track

Read More